A Freddie
Mac survey reports that one of the largest growing multifamily
residential trends will have apartment property managers rethinking their
target audience. According to the survey, five million Baby Boomers — people
born before 1961 — in the U.S. plan to rent their next home by 2020.
Logic dictates that Millennials would be the target market
for apartments. However, in reviewing data from the U.S. Census, RentCafé
has found that isn’t the case. Between 2009 and 2015, the number of renters
aged 55 or older increased by a whopping 28 percent. Millennials, on the other
hand, have only increased by 3 percent. Two things you need to know about
boomers who want to rent their next home: They tend to hold a bachelor’s degree
or higher and have an empty nest.
So what factors do Baby Boomers look for in an apartment?
Here are the top six factors based on multifamily residential trends for the
55+ group.
1. Affordability
To find affordable rent, Baby Boomers may opt for suburbs
with the same amenities found in the city for a fraction of the cost. They
prefer larger units with more storage than the younger generations do.
2. Hands-Free Living
Boomers want to trade their home for low-maintenance
lifestyle living. They’d rather rent than maintain homeownership with its
high-maintenance aspect. They prefer not to take care of lawns or keep the
property in working order.
3. Walkable Community
Like the Millennials, boomers want the convenience of
restaurants, coffee shops, and stores within walking distance. An AARP
survey reveals other important factors for walkability include
community-safe parks, and well-maintained streets and sidewalks. They also want
to live near healthcare facilities and hospitals.
4. Onsite Programming
With more time on their hands since most are retired and may
work or volunteer part-time, boomers like multifamily residential buildings
with onsite programming. Consider adding offerings such as cooking classes,
exercise classes, games, and happy hours.
5. Technology
National
Real Estate Investor affirms that the top item on renters’ lists of
all ages is technology. Renters want a fast Internet connection and Wi-Fi that
is always available. They also like apartment buildings with a private online
community. This amenity allows them to meet other residents, talk about
goings-on, and get advice about their community.
Take advantage of technology platforms that residents
already use by incorporating them into the property. For example, residents may
use or provide services like Lyft and Uber. Property managers who integrate
these tools enhance their level of service. The key is to pick the tools that
matter to residents rather than jump into the newest thing that comes along.
6. High-Tech Security
Systems
National
Apartment Association reports that Baby Boomers and Gen Xers prefer
apartments with video monitoring and security systems. These technologies
double up as a safety measure because they can spot potential safety hazards
for residents who use walkers, wheelchairs, or canes. For an even more enhanced
experience, Stealth offers Remote Concierge (RC), giving your residents instant
service 100% of the time. The system uses IP surveillance cameras and
proprietary software, as well as one-and two-way audio, to instantly interact
with residents through phones or intercoms and provide the same service as
on-site personnel at a fraction of the price.
Tenants are constantly looking for greater measures of
security for themselves and friends/family. Having peace of mind in knowing the
entire property is monitored rather than one single area (by a security guard)
provides the multi-family residential complex, as well as its tenants, with a
greater sense of security and a higher probability they will accept rent
increases over time.
Security systems like remote
video surveillance for apartments cost less than security guards. Wondering
how security guards stack up against live video monitoring? Download
Security Guards white paper free.
For more information about how our proactive security
solutions can help protect your multifamily residential property, contact us
here.
